SOURCE: Hunt Gold Corporation

July 11, 2008 11:36 ET

Hunt Gold Corporation -- Sale and Share Buyback

Company in Discussions to Sell "Molygold" Interests and Effect a Share Buyback

NEW YORK, NY--(Marketwire - July 11, 2008) - Hunt Gold Corporation (PINKSHEETS: HGLC) confirmed on July 10, 2008 that certain Investment Groups had now assumed voting control of the Company.

The Board of Directors advises its stockholders that with the assistance of these Investment Groups, the Company is in discussions to dispose of its recently acquired "Molygold" assets.

The intention is to utilize the proceeds from the sale of these "Molygold" interests to effect a share buyback of the Company's "free float" of Common Stock.

These Investment Groups whom have voting control over the Company have informed the Board, as announced on July 10, 2008, that they are also considering a limited Tender Offer to stockholders in order to acquire additional shares of the Company's Common Stock in an attempt to reduce the amount of shares in the Company's "free float."

These Investment Groups and other significant stockholders in the Company are now determined to unlock value from the Company and to eliminate the discount between the Company's stock price and its Net Asset Value per share.

The Company's Management is proceeding with its plans to file the requisite documentation with the SEC, in order to make the Company "Reporting" with the SEC, as previously announced.

Stockholders will continually be advised accordingly; as your Company's Management becomes aware of further details and developments.

ABOUT HUNT GOLD CORPORATION

Hunt Gold Corporation is a Gold Mining & Exploration Company focused on the development and exploration of its Gold properties, namely "Mockingbird," "Ambassador," "Golden Eagle," "American Molygold," "Gladstone Lookout," "Lady Alde," "Lookout Silver," "Starlight," "American Flag," "Venezia," "Stormcloud," "Cherry," "Buffalo Limecap," "Red Cloud" and "Federal" interests.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the SEC.

Contact Information

  • For further information contact:
    Hunt Gold Corporation
    E Mail: Email Contact
    Telephone: (954) 840-6956
    Mr. Michael G Saner